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What to Expect After Switching Auto Insurance


What to Expect After Switching Auto Insurance

Published August 2, 2023
Last Updated 4 months ago

Switching auto insurance companies can be a great way to save money on your premiums. However, it’s important to do your research and make sure you’re getting the best possible coverage. Here are the steps involved in switching auto insurance companies:

  1. Reach out to an insurance broker to re-shop with multiple carriers. Reaching out to an agent who has access to multiple carriers benefits you as they can find the best coverage for the best rate for your individual needs. Choosing an independent insurance agent, over a captive agent, widens your scope of potential savings.
  2. Compare coverage options. Once you’ve gotten quotes, it’s important to compare the coverage options offered by each company. Make sure you understand the different types of coverage, such as liability, collision, and comprehensive. You should also compare the deductibles and limits.
  3. Check for discounts. Many insurance companies offer discounts for things like good driving records, anti-theft devices, and safety features built in to your vehicle. Be sure to ask about any discounts that you may qualify for.
  4. Start your new policy. Typically you will need to verify your existing policy when starting a new policy as proof of continuous coverage. You will be expected to make your first payment as well as any carrier fees that may occur in setting up a new policy as well.
  5. Cancel your old policy. Once you’ve chosen a new insurance company, you need to cancel your old policy. You can usually do this online or over the phone. Always cancel the old policy after you have started the new to avoid any lapse in insurance coverage.

Here are some additional tips for switching auto insurance companies:

  • Do your research. Before you start shopping for quotes, take some time to research the different insurance companies. Read reviews, compare financial strength ratings, and learn about their customer service policies.
  • Be prepared to answer questions. When you get quotes from insurance companies, they’ll likely ask you a lot of questions about your driving history, your car, and your finances. Be prepared to answer these questions honestly so that you can get the most accurate quotes. Your claim history and accident record have the two largest impacts on your auto insurance rate.
  • Don’t be afraid to negotiate. Don’t be afraid to ask for a discount, especially if you have a good driving record, you’re bundling your auto insurance with other policies, or you are willing to sign up for carrier driving programs.

Switching auto insurance companies can be a hassle, but it can save you a lot of money. By following these tips, you can make the process as smooth as possible:

  • Make sure your new policy starts immediately. You don’t want to have a lapse in coverage, so make sure your new policy starts on the same day that your old one ends.
  • Let your lender know if you have a financed or leased vehicle. Your lender may require you to have a certain amount of insurance coverage, so be sure to let them know if you’re switching companies.
  • Check for cancellation fees. Some insurance companies charge a cancellation fee if you cancel your policy early. Be sure to ask about any cancellation fees before you switch companies.
  • DMV FS-1 letter. When starting a new policy sometimes there is a lag time, or misfiling within the DMV, and a FS-1 request will be sent 30-60 days after setting up the new policy to the insured. Do not panic! A simple call to your agent, to resubmit the FS-1 on your behalf, will fix it!
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